Gentrification

gentrification is a word coined in 1964 by the German-born British sociologist Ruth Glass.

example
Nowadays, many of these houses are being sub-divided into costly flats or ‘houselets’ (in terms of the new real estate snob jargon). The current social status and value of such dwellings are frequently in inverse relation to their size, and in any case enormously inflated by comparison with previous levels in their neighbourhoods. Once this process of ‘gentrification’ starts in a...